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The latest US inflation data provided a glimmer of hope that price pressures may be starting to cool, fueling expectations that the Federal Reserve could begin easing its aggressive monetary tightening campaign later this year.
"I would characterize it as a small step in the right direction," said Stephen Stanley, chief U.S. economist at Santander."Both overall and core prices rose 0.3 percent from the previous month, down from 0.4 percent in February and March." Nevertheless, the report raised optimism among market participants that the Fed could begin easing its monetary policy stance later this year. Currently, traders are pricing in a 25-basis-point rate cut at the September Federal Open Market Committee meeting, followed by another 25-basis-point reduction in November.
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